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Tuesday, November 21, 2017

Crypto News: Five Countries Where Bitcoin is Illegal

Five Countries Where Bitcoin is Illegal

Be it due to fear, ignorance, or protectionism, governments have a tendency to legislate against perceived threats. The first prerogative of every government is to govern, after all, and any disruptive technology that erodes their power is liable to receive short shrift. Governments that ‘get’ bitcoin, such as Japan, have passed legislation that protects its citizens whilst facilitating the free trade of the digital currency.

The World’s Most Hostile Bitcoin CountriesSadly not all countries are as progressive, not just when it comes to embracing new technology, but in respecting basic human rights that people in developed nations tend to take for granted. In the most egregious cases, citizens have had their assets seized, accounts frozen, and been locked up. Governments can’t stop the blockchain from propagating, but they can severely hamper their citizens’ attempts to access it.

Like banning drugs, alcohol, or the internet, banning bitcoin sounds nonsensical and The World’s Most Hostile Bitcoin Countriesunenforceable. Nevertheless, that’s exactly the case in five countries: Bangladesh, Bolivia, Ecuador, Kyrgyzstan, and Nepal. As recently reported, the Nepalese government has jailed almost a dozen cryptocurrency enthusiasts, with the latest pair seemingly guilty of little more than operating a small-scale bitcoin exchange.

In South America, bitcoin is mostly synonymous with Venezuela, whose people have been turning to the cryptocurrency as a haven amidst rising inflation and a failed economy. It is the continent’s most centralized country geographically, however, which has come out against decentralized currency; In 2014, the Central Bank of Bolivia banned bitcoin and the government has since sharply cracked down on its usage.

Full story at

Source: Bitcoin News

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